Help on buying a house!!?

Question

Hi,

My boyfriend and I are thinking about moving out of his parents && actually just buying our own house. We do not want to rent an apartment. We see it as a waste of money. Why not just buy a house. We understand it's alot of money. My question is how do we go about it. We hella new to this and I dont even know where to start. Someone HELP ME!! Please??

♥

Answer 1

First go to a bank and get prequalified.  They will tell you, based on your income and credits, how much loan they think you can get.  They also should give you a good idea of how much money you will need to buy a place.  If you think you can get a place based on what they say, then go to a real estate agent and they will talk with you about what you are looking for, and start showing you places.  Next comes the contract and negoitiations and then the loan process.

Answer 2

Start with a loan officer to get pre-qualified.  Ask around to friends and family who have just purchased or refi'd for a good reputable one.  After you are pre-qualified, you will know how much of a loan amount and sales price you can afford.  This way you won't get your heart broke for trying to buy a house that's too much.

If you get an ARM loan, budget yourself for the highest payment, that way when it does adjust, you won't be in for a shock.

Answer 3

I can only tell you the number of real estate listings I end up with because this 'romantic involvement' resulted in a shared home ownership.  Many times the relationship goes sour, and then the two persons involved are left trying to figure out how to resolve the ownership and probable sale.

If you insist on going forward, make SURE that you have properly prepared documented and signed agreements which detail how the shared ownership will be dissolved in an agreed fashion.  Consider such agreements as something similar to a pre nuptial agreement.

Once married, there are laws which govern such dissolutions.  When NOT married, it gets much uglier.

This is not a venture to be taken lightly.  If you are firm in your commitment to each other, then proceed with caution.  

Contact a local REALTOR to assist you in your search for properties, and be sure to engage the agent as a BUYER agent, who will represent YOUR interests, as opposed to that of the seller.

Answer 4

Hi

I'm 19 and have been living with my boyfriend for 5 months in a rented apartment. I felt the same as you before we moved out but, I am really glad that we decided to rent before buying, it's a lot easier to get out of if things go bad. Whether you have been together a long time or not, living together with parents is nothing like living alone. Please, listen. I know exactly how you feel, believe me, but living in a rented place gives you time to work out any problems between you. My boyfriend has always been laid back, but since living with him, I have realised he is extremely messy and lazy and have spent the last 5 months trying to teach him how to clean up after himself. We are now beginning to try to find a house to buy via shared ownership. If you get a place with a 6 month lease, it will go so quickly and you will not regret it, believe me.

Hope my experiences help someone!!!

Jill

Answer 5

piece of cake;

interview 3 mortgage offices and the one that sounds most

helpful, charges NOTHING out of your pocket for appraisal,

for application, for credit check, go with them.  Make the

seller pay for all those expenses or the broker.

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when you are conditionally qualified by a bank with a

$ amount specified, interview

BUYER'S BROKERS, ideally

an exclusive buyer's broker and they will help you find

what you want and make sure you include in your house

choices, bank REOs and COUNTY TAX SALE PROPERTIES

occurring next Spring.

Luck and happy hunting

[and get a special agreement between you and boyfriend

re the house; absolutely agree on a mediator for disagreements

and on house responsibilities and what happens if you

both separate......a house is a big thing to have to deal with.]